WASHINGTON—It’s a busy week in Washington that will have legislators focused on the debt ceiling, potential deposit insurance reform, the failures of Signature Bank and Silicon Valley Bank.
In addition, the House and Senate will each conduct hearings regarding oversight of banking system regulators, with NCUA Chairman Todd Harper set to testify at both.
And all of that is occurring at the same time the Independent Community Bankers of America (ICBA) will be hosting its Capitol Summit.
CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak said the trade association will be paying close attention to the expanded focus by the Senate and House to the reasons behind the failures of Silicon Valley Bank and Signature Bank.
‘Close Attention’
With Harper appearing today before the House Financial Services Committee’s hearing on regulatory oversight, the fallout from the recent bank failures is expected to be a key topic of discussion.. The Senate Banking Committee will hold its hearing on Thursday.
“We will be paying close attention to chairman Harper's comments on credit unions and any questions that are asked as a part of that hearing,” Stverak said.
As CUToday.info reported earlier, Harper recently told a Cooperative Credit Union Association event that any proposed changes to the FDIC’s insurance coverage could have an effect upon the National Credit Union Share Insurance Fund and credit unions themselves, an issue he said the agency is watching.
A First-Time Meeting
NAFCU Vice President of Legislative Affairs Brad Thaler stressed those hearings could bring discussion on banking system reform.
“We'll be engaging with those hearings and watching for comments,” said Thaler. “This is the first time (regulators) are all together since what happened with the banks a couple months ago.”
Turning to the debt ceiling debate, Stverak said CUNA will be paying “close attention to the negotiations that are continuing on the debt ceiling issue, and we hope that issue is solved rapidly for all of our members that that may be concerned about it.”
Hearings Being Monitored
Thaler said NAFCU will be watching this hearing for discussions regarding any legislation that “could emerge, any deals out there, watching for the impact on the economy and, particularly, credit unions.”
Other events on Capitol Hill this week:
Wednesday
- The Senate Banking Subcommittee on Economic Policy will discuss key opportunities for reform at the Federal Reserve
- The House Small Business Committee will review the Small Business Administration’s changes to its 7(a) loan program
- The House Financial Services Subcommittee on Financial Institutions, Monetary Policy, and Investigations will provide oversight over recent bank failures
- The House Financial Services Subcommittee on Housing and Insurance will review the current mortgage market
Thursday
- The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion will meet to discuss stablecoin legislation
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